An Advantage in Using a Group for Decision Making Is

question 114

Multiple Choice

An advantage in using a group for decision making is that it leads to:

• A) a higher level of commitment to the decision.
• B) domination by one member in leading the discussion.
• C) a phenomenon known as groupthink.
• D) the process of decision making known as satisficing.
• E) saving precious time, money, and resources.

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Definitions:

Principal-Agent Problem

A dilemma in relationships where one party (the agent) is supposed to act in the best interest of another (the principal) but may have an incentive to act in their own self-interest instead.

Political Corruption

The misuse of public power or position for personal gain, undermining the integrity and fairness of political processes.

Public Choice Theory

The economic analysis of government decision making, politics, and elections.

Government Failure

A situation where government intervention in the economy creates inefficiencies and leads to a misallocation of resources.